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PENNZOIL/RAMCO TO PARTICIPATE IN CASPIAN SEA FIELD

 HOUSTON, June 14 /PRNewswire/ -- Pennzoil Co. (NYSE: PZL) and Ramco Oil Services Plc. announced today that their subsidiaries, Pennzoil Caspian Corp. and Ramco Energy Ltd., have agreed to terms issued June 5 by the State Oil Company of the Azerbaijan Republic (SOCAR) and have accepted a 17 percent gross participation share in the joint development of the Guneshli, Chirag and Azeri fields in the Caspian Sea, offshore Azerbaijan Republic. The remainder of the participating interest will be held by Turkish Petroleum Corp. and groups headed by units of British Petroleum Co. and Amoco Production Co. SOCAR's June 5 declaration made official its intention to combine future development of the cited fields into a single contract area governed by a single production sharing agreement. Negotiations are currently underway concerning the full terms and conditions of such a production sharing agreement.
 Under the terms of the declaration, SOCAR has retained the right for up to a 30 percent participation in the contract area. However, SOCAR has indicated that it may well distribute to some or all of the current participants its reserved share in the project at a later date. If SOCAR fully exercises its participation rights, Pennzoil/Ramco's net interest in the project would be 11.9 percent.
 The contract area is located in the Caspian Sea approximately 100 miles east of the capital city, Baku, and is estimated by SOCAR to contain approximately 4.4 billion barrels of recoverable oil reserves and 7 trillion cubic feet of recoverable natural gas reserves.
 Pennzoil Co., headquartered in Houston, Texas, is traded on the New York Stock Exchange under the symbol PZL. Ramco Oil Services Plc. is a Scottish energy company, the shares of which are traded on the unlisted securities market of the United Kingdom Stock Exchange. Other aspects of the Pennzoil/Ramco relationship previously announced for this project remain unchanged.
 -0- 6/14/93
 /CONTACT: Robert Harper, of Pennzoil Co., 713-546-8536/
 (PZL)


CO: Pennzoil Co.; Ramco Oil Services Plc. ST: Texas IN: OIL SU:

MP -- NY041 -- 1558 06/14/93 10:51 EST
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Publication:PR Newswire
Date:Jun 14, 1993
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